Social Security Benefits Increase in 2023
Reading Time: 2 MinutesLast Updated: November 2, 2023
Approximately 70 million Americans will see a 8.7% increase in their Social Security benefits and Supplemental Security Income (SSI) payments in 2023. On average, Social Security benefits will increase by more than $140 per month starting in January.
Federal benefit rates increase when the cost-of-living rises, as measured by the Department of Labor’s Consumer Price Index (CPI-W). The CPI-W rises when inflation increases, leading to a higher cost-of-living. This change means prices for goods and services, on average, are higher. The cost-of-living adjustment (COLA) helps to offset these costs.
We will mail COLA notices throughout the month of December to retirement, survivors, and disability beneficiaries, SSI recipients, and representative payees. But if you want to know your new benefit amount sooner, you can securely obtain your Social Security COLA notice online using the Message Center in your personal my Social Security account. You can access this information in early December, prior to receiving the mailed notice. Benefit amounts will not be available before December. Since you will receive the COLA notice online or in the mail, you don’t need to contact us to get your new benefit amount.
If you prefer to access your COLA notice online and not receive the mailed notice, you can log in to your personal my Social Security account to opt out by changing your Preferences in the Message Center. You can update your preferences to opt out of the mailed COLA notice, and any other notices that are available online. Did you know you can receive a text or email alert when there is a new message waiting for you? That way, you always know when we have something important for you – like your COLA notice. If you don’t have an account yet, you must create one by November 15, 2022 to receive the 2023 COLA notice online.
“Medicare premiums are going down and Social Security benefits are going up in 2023, which will give seniors more peace of mind and breathing room. This year’s substantial Social Security cost-of-living adjustment is the first time in over a decade that Medicare premiums are not rising and shows that we can provide more support to older Americans who count on the benefits they have earned,” Acting Commissioner Kilolo Kijakazi said.
January 2023 marks when other changes will happen based on the increase in the national average wage index. For example, the maximum amount of earnings subject to Social Security payroll tax in 2023 will be higher. The retirement earnings test exempt amount will also change in 2023.
Be among the first to know! Sign up for or log in to your personal my Social Security account today. Choose email or text under “Message Center Preferences” to receive courtesy notifications.
You can find more information about the 2023 COLA here.
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Tags: COLA, my Social Security, my Social Security account
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Gayle H.
I started receiving my SS benefits in February 2022 i was told by a SS agent to collect mine for this year then drop mine and collect my deceased husbands SS in 2023 will the amount he quoted me increase with the COLA as well?
Alphonsine G.
How much will medicare get?
Mike’s
$165
Mark
8.7 on a 1000 equals 87 bucks
Debra T.
Supposedly Medicare premiums are not going up🤞
Debra T.
…but i bet my rent goes up and that my EBT allowance is reduced🤷♀️
Chip
My EBT jumping up $80 in January
Penny
Y’all are lucky that you get EBT. There are some of us that make just over the amount that they deem an acceptable amount of income where we never get any help from any of the programs unless we pay a copay that would be so much more than just trying to pay for the help yourself!! Unless it’s cancer or dialysis we’re pretty much on our own!! I need someone to help around the house and I can’t get the help because I can’t afford it anymore. And, they won’t help. They are supposed to look out for us, but they don’t. They only care if you have the money to pay them.
Melissa
My dad passed when I turned 21. But wasn’t disabled till 25. When can I get survivors benefits from him?
Santina W.
AND THEY THINK $140.00 IS ENOUGH RAISE THATS NOT ENOUGH WHEN EVERYTHING KEEPS GOING UP. GAS RENT GROCIES. THEM THEY RAISE MEDICARE SO WHAT IS THE POINT. WHAT A JOKE.
KAY
Got that right! It’s a drop in the ocean compared the increases in everything! Many of us very rarely refill our prescriptions or can’t afford to eat more than one meal per day as a result so as to pay mortgage, rent, utilities, etc. Besides, Part D robs those of us who can’t afford the higher premiums blind but very rarely if ever actually pays out anything and sure aren’t going to pay out until you meet those deductibles which is usually impossible.
Ann C.
Hi, Melissa. We are sorry to hear about your loss. An adult who has a disability that began before age 22 may be eligible for benefits if their parent is deceased or starts receiving retirement or disability benefits. We consider this a “child’s” benefit because it is paid on a parent’s Social Security earnings record. For more information, please visit our Disability Benefits Planner. We hope this helps.
Greg O.
I am a retired “FERS” Employee, that is scheduled to start receiving Social Security in February of 2023. Will this new COLA be reflected in my Social Security payments ?
Serap e.
I am eligable to collect social security but would like to wait for another 8 months. Will this raise reflect my current social security amount as well?
Brad K.
Yes, COLA increases are calculated in for anyone 62 or older, whether or not you have started collecting benefits.
Celso
Could I receive any COLAs I missed out on since becoming eligible for benefits at age 62 . Therefore, could I receive a 1.6% increase from 2019, a 1.3% increase from 2020, a 5.9% increase from 2021, and the 8.7% increase in 2023?
At my FRA will I get COLAs added to my estimate benefit amount since the year I became eligible for retirement(62)?
Joseph
I keep getting the following error when using chrome to try to log on to your site now. Never had the issue before:
Bad Request
Your browser sent a request that this server could not understand.
Size of a request header field exceeds server limit.
Steven W.
use microsoft browser instead of google chrome, and if you have a ad blocker turn it off
Pamela R.
I am 68 and collecting survivor’s benefits since I was 66. When I turn 70 I plan on collecting my own social security. Will my benefit include all the cola raises since I started collecting at 66 added to the projected amount I received for when I turn 70?
Sharon P.
Yez it will
Brandon D.
Will social security disability increase in 2023
Mike’s
8.7%
kel L.
i dont underdtand apparently 2022 got less than $50 dollar raise and everything else went up way more. i go to store just example and buy what i usually do ….used to spend like $50 dollars and now when i buy the same things it is literally over . so still behind and still not eat healthy
Kel L.
over $100
Michelle M.
My son and my self recieve social security will we be getting a raise in 2023, it would help us allot
Dee
Yes, you both will get an 8.7% increase.
Ann C.
Hi, Michelle. Thanks for your question. There will be a 8.7% cost-of-living adjustment (COLA) in 2023 for all beneficiaries. This new increase will take effect for Supplemental Security Income (SSI) payments on December 30, 2022, and for Social Security payments paid out in January 2023. You can find out more information on the new COLA by visiting here. We hope this helps.
Sharon
SSI: there was a raise this year, but both my husband and myself are on SSI and our household can only receive $1260.00 a month so that amount is split between us and $133.00 in the snap program a month. We’re always behind on our utilities or groceries, etc. $1397.00 used to be considered poverty level for two people. That might be the State of Florida’s numbers.